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亚马逊（AMZN）与梅西百货（M）财务数据对比。点击上方公司名可切换其他公司
亚马逊的季度营收约是梅西百货的45.3倍（$213.4B vs $4.7B）。亚马逊净利率更高（9.9% vs 0.2%，领先9.7%）。亚马逊同比增速更快（13.6% vs -0.6%）。亚马逊自由现金流更多（$14.9B vs $-101.0M）。过去两年亚马逊的营收复合增速更高（22.0% vs -23.8%）
亚马逊是全球知名的综合电商与科技企业，业务覆盖北美及全球多个地区，设有北美零售、国际零售、亚马逊云科技（AWS）三大业务板块。除运营线上线下零售渠道、提供消费商品售卖与订阅服务外，也为第三方卖家提供销售平台，还自主研发销售Kindle、Fire平板等电子设备。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
AMZN vs M — 直观对比
营收规模更大
AMZN
是对方的45.3倍
$4.7B
营收增速更快
AMZN
高出14.2%
-0.6%
净利率更高
AMZN
高出9.7%
0.2%
自由现金流更多
AMZN
多$15.0B
$-101.0M
两年增速更快
AMZN
近两年复合增速
-23.8%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $4.7B |
| 净利润 | $21.2B | $11.0M |
| 毛利率 | 48.5% | 39.4% |
| 营业利润率 | 11.7% | 0.9% |
| 净利率 | 9.9% | 0.2% |
| 营收同比 | 13.6% | -0.6% |
| 净利润同比 | 5.9% | -60.7% |
| 每股收益（稀释后） | $1.95 | $0.04 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AMZNM
| Q4 25 | $213.4B | $4.7B | ||
| Q3 25 | $180.2B | $4.8B | ||
| Q2 25 | $167.7B | $4.6B | ||
| Q1 25 | $155.7B | $7.8B | ||
| Q4 24 | $187.8B | $4.7B | ||
| Q3 24 | $158.9B | $4.9B | ||
| Q2 24 | $148.0B | $4.8B | ||
| Q1 24 | $143.3B | $8.1B |
净利润AMZNM
| Q4 25 | $21.2B | $11.0M | ||
| Q3 25 | $21.2B | $87.0M | ||
| Q2 25 | $18.2B | $38.0M | ||
| Q1 25 | $17.1B | $342.0M | ||
| Q4 24 | $20.0B | $28.0M | ||
| Q3 24 | $15.3B | $150.0M | ||
| Q2 24 | $13.5B | $62.0M | ||
| Q1 24 | $10.4B | $-71.0M |
毛利率AMZNM
| Q4 25 | 48.5% | 39.4% | ||
| Q3 25 | 50.8% | 39.7% | ||
| Q2 25 | 51.8% | 39.2% | ||
| Q1 25 | 50.6% | 35.7% | ||
| Q4 24 | 47.3% | 39.6% | ||
| Q3 24 | 49.0% | 40.5% | ||
| Q2 24 | 50.1% | 39.2% | ||
| Q1 24 | 49.3% | 37.5% |
营业利润率AMZNM
| Q4 25 | 11.7% | 0.9% | ||
| Q3 25 | 9.7% | 3.1% | ||
| Q2 25 | 11.4% | 2.0% | ||
| Q1 25 | 11.8% | 6.4% | ||
| Q4 24 | 11.3% | 1.3% | ||
| Q3 24 | 11.0% | 4.5% | ||
| Q2 24 | 9.9% | 2.6% | ||
| Q1 24 | 10.7% | -0.9% |
净利率AMZNM
| Q4 25 | 9.9% | 0.2% | ||
| Q3 25 | 11.8% | 1.8% | ||
| Q2 25 | 10.8% | 0.8% | ||
| Q1 25 | 11.0% | 4.4% | ||
| Q4 24 | 10.7% | 0.6% | ||
| Q3 24 | 9.6% | 3.0% | ||
| Q2 24 | 9.1% | 1.3% | ||
| Q1 24 | 7.3% | -0.9% |
每股收益（稀释后）AMZNM
| Q4 25 | $1.95 | $0.04 | ||
| Q3 25 | $1.95 | $0.31 | ||
| Q2 25 | $1.68 | $0.13 | ||
| Q1 25 | $1.59 | $1.22 | ||
| Q4 24 | $1.86 | $0.10 | ||
| Q3 24 | $1.43 | $0.53 | ||
| Q2 24 | $1.26 | $0.22 | ||
| Q1 24 | $0.98 | $-0.25 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $123.0B | $447.0M |
| 总债务越低越好 | $68.8B | $2.4B |
| 股东权益账面价值 | $411.1B | $4.3B |
| 总资产 | $818.0B | $17.1B |
| 负债/权益比越低杠杆越低 | 0.17× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资AMZNM
| Q4 25 | $123.0B | $447.0M | ||
| Q3 25 | $94.2B | $829.0M | ||
| Q2 25 | $93.2B | $932.0M | ||
| Q1 25 | $94.6B | $1.3B | ||
| Q4 24 | $101.2B | $315.0M | ||
| Q3 24 | $88.1B | $646.0M | ||
| Q2 24 | $89.1B | $876.0M | ||
| Q1 24 | $85.1B | $1.0B |
总债务AMZNM
| Q4 25 | $68.8B | $2.4B | ||
| Q3 25 | $55.1B | $2.4B | ||
| Q2 25 | $56.1B | $2.8B | ||
| Q1 25 | $58.8B | $2.8B | ||
| Q4 24 | $58.0B | $2.8B | ||
| Q3 24 | $60.5B | $3.0B | ||
| Q2 24 | $62.7B | $3.0B | ||
| Q1 24 | $66.9B | $3.0B |
股东权益AMZNM
| Q4 25 | $411.1B | $4.3B | ||
| Q3 25 | $369.6B | $4.5B | ||
| Q2 25 | $333.8B | $4.5B | ||
| Q1 25 | $305.9B | $4.6B | ||
| Q4 24 | $286.0B | $4.1B | ||
| Q3 24 | $259.2B | $4.3B | ||
| Q2 24 | $236.4B | $4.2B | ||
| Q1 24 | $216.7B | $4.1B |
总资产AMZNM
| Q4 25 | $818.0B | $17.1B | ||
| Q3 25 | $727.9B | $15.6B | ||
| Q2 25 | $682.2B | $16.1B | ||
| Q1 25 | $643.3B | $16.4B | ||
| Q4 24 | $624.9B | $17.3B | ||
| Q3 24 | $584.6B | $15.8B | ||
| Q2 24 | $554.8B | $16.4B | ||
| Q1 24 | $531.0B | $16.2B |
负债/权益比AMZNM
| Q4 25 | 0.17× | 0.56× | ||
| Q3 25 | 0.15× | 0.55× | ||
| Q2 25 | 0.17× | 0.62× | ||
| Q1 25 | 0.19× | 0.61× | ||
| Q4 24 | 0.20× | 0.67× | ||
| Q3 24 | 0.23× | 0.70× | ||
| Q2 24 | 0.27× | 0.72× | ||
| Q1 24 | 0.31× | 0.72× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $54.5B | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $-101.0M |
| 自由现金流率自由现金流/营收 | 7.0% | -2.1% |
| 资本支出强度资本支出/营收 | 18.5% | 2.0% |
| 现金转化率经营现金流/净利润 | 2.57× | -0.73× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $1.2B |
8季度趋势，按日历期对齐
经营现金流AMZNM
| Q4 25 | $54.5B | $-8.0M | ||
| Q3 25 | $35.5B | $319.0M | ||
| Q2 25 | $32.5B | $-64.0M | ||
| Q1 25 | $17.0B | $1.3B | ||
| Q4 24 | $45.6B | $-167.0M | ||
| Q3 24 | $26.0B | $8.0M | ||
| Q2 24 | $25.3B | $129.0M | ||
| Q1 24 | $19.0B | $1.1B |
自由现金流AMZNM
| Q4 25 | $14.9B | $-101.0M | ||
| Q3 25 | $430.0M | $240.0M | ||
| Q2 25 | $332.0M | $-164.0M | ||
| Q1 25 | $-8.0B | $1.2B | ||
| Q4 24 | $17.8B | $-295.0M | ||
| Q3 24 | $3.4B | $-109.0M | ||
| Q2 24 | $7.7B | $-25.0M | ||
| Q1 24 | $4.1B | $1.0B |
自由现金流率AMZNM
| Q4 25 | 7.0% | -2.1% | ||
| Q3 25 | 0.2% | 5.0% | ||
| Q2 25 | 0.2% | -3.6% | ||
| Q1 25 | -5.1% | 15.3% | ||
| Q4 24 | 9.5% | -6.2% | ||
| Q3 24 | 2.1% | -2.2% | ||
| Q2 24 | 5.2% | -0.5% | ||
| Q1 24 | 2.8% | 12.3% |
资本支出强度AMZNM
| Q4 25 | 18.5% | 2.0% | ||
| Q3 25 | 19.5% | 1.6% | ||
| Q2 25 | 19.2% | 2.2% | ||
| Q1 25 | 16.1% | 1.5% | ||
| Q4 24 | 14.8% | 2.7% | ||
| Q3 24 | 14.2% | 2.4% | ||
| Q2 24 | 11.9% | 3.2% | ||
| Q1 24 | 10.4% | 1.8% |
现金转化率AMZNM
| Q4 25 | 2.57× | -0.73× | ||
| Q3 25 | 1.68× | 3.67× | ||
| Q2 25 | 1.79× | -1.68× | ||
| Q1 25 | 0.99× | 3.82× | ||
| Q4 24 | 2.28× | -5.96× | ||
| Q3 24 | 1.69× | 0.05× | ||
| Q2 24 | 1.87× | 2.08× | ||
| Q1 24 | 1.82× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AMZN
| Products | $90.0B | 42% |
| Third Party Seller Services | $52.8B | 25% |
| Other | $49.9B | 23% |
| Subscription Services | $13.1B | 6% |
| Physical Stores | $5.9B | 3% |
| Other Services | $1.7B | 1% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
